On May 16, 2019, an entity purchased a fire insurance policy covering a property for a period of 2 years. The P16,800 cost of policy was paid in cash. At the end of 2019, the company will reduce Prepaid Insurance for this policy by? a. P5,600 b.P5,650 c. P5,250 d. P8,400

On May 16, 2019, an entity purchased a fire insurance policy covering a property for a period of 2 years. The P16,800 cost of policy was paid in cash. At the end of 2019, the company will reduce Prepaid Insurance for this policy by? a. P5,600 b.P5,650 c. P5,250 d. P8,400

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

a. P5,600

b.P5,650

c. P5,250

d. P8,400

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